You Are In Charge Of Retirement Surprises
When you retire, the only surprise you want is a surprise party. Unfortunately your going-away party may not be your only surprise. There may be a few financial changes that you never planned for. Awareness ahead of time is the best way to prevent retirement surprises. Learn about some unexpected surprises before it’s too late.
Your Biggest Surprises
The two largest financial burdens that may hit you hard at retirement will be taxes and the cost of health care. Don’t believe it? You should because it makes financial sense.
The Government Wants Their Money
Your social security will be a source of income therefore you will be taxed on social security benefits. You will also be taxed on your tax-deferred retirement plans since that money has never been taxed before.
Older Costs More
You will be older at retirement so may have more health issues. Your health problems will cost more. That’s just the way it is. You may think you can continue to work during your retirement years but if you have health issues you may be forced to stop working.
Plan ahead to avoid these potential retirement surprises.